On August 22, 2026, domestic gold prices in South Korea showed an upward trend.

According to GoldPrice.com, pure gold (3.75g, one don) was sold at 893,000 won that day, up 7,000 won from the previous day. The buying price was 760,000 won, up 5,000 won from the previous day.

18K gold rose 4,000 won from the previous day to a selling price of 561,000 won, while 14K rose 3,000 won to 436,000 won. Platinum rose 2,000 won from the previous day to a purchase price of 359,000 won and 1,000 won to a selling price of 299,000 won. Silver, meanwhile, held steady at the previous day's prices of 12,350 won for purchase and 11,500 won for sale.

[Sanctions on Iran and International Oil Prices: Complex Variables Surrounding Gold Prices]

External variables surrounding gold prices are becoming intricately intertwined. With the Middle East situation, international oil prices, U.S. Treasury yields, and the dollar's value all moving simultaneously, the gold market is reacting more sensitively to the combination of these factors than to any single driver.

In particular, tensions in the energy market rose as the United States reaffirmed its intention to strengthen economic pressure on Iran. With the U.S. government expected to soon detail additional economic pressure measures targeting Iran, wariness over the crude oil supply chain shows no sign of easing. If tensions surrounding Iran escalate, risk premiums could be reflected in oil prices first, regardless of whether actual supply decreases. On the 21st, the anticipated U.S. sanctions on Iran were cited as a factor keeping international oil prices at elevated levels.

[High Oil Prices Do Not Always Translate Directly into Rising Gold Prices]

These oil price movements are worth watching in the gold market as well. Rising crude oil prices can increase cost burdens across the economy, including corporate transportation and production costs, and if sustained, could translate into inflationary pressure. In phases of growing inflation concerns, demand seeking to hedge against currency depreciation could flow into gold.

However, high oil prices do not always directly lead to rising gold prices. If oil-driven price increases destabilize inflation again, forecasts that the U.S. Federal Reserve (Fed) will keep interest rates high for longer could gain traction. In that case, rising U.S. Treasury yields could increase the opportunity cost of holding gold, which generates no interest income. Indeed, the gold market has recently been responding sensitively to rate outlooks and changes in Treasury yields.

[Weak Dollar Supporting Gold Prices... Spot Gold Briefly Exceeds $4,540 per Ounce]

The dollar's direction is also a key variable when assessing gold prices. Since international gold prices are typically denominated in dollars, a weaker dollar reduces the relative purchase burden of gold for investors using other currencies, which can stimulate gold demand. Conversely, a stronger dollar makes gold relatively more expensive for investors outside the United States, potentially weighing on prices.

A weaker dollar was cited as one of the factors supporting gold prices as the gold market showed strength on the 21st. Spot gold briefly topped $4,540 per ounce that day, with market analyses pointing to dollar movements and changes in the U.S. Treasury market as influences on gold prices.

[Diversifying Investment Methods: Gold Savings Accounts and Gold ETFs]

The diversification of ways to invest in gold is another notable aspect of the recent gold market. While retail investors were once familiar with purchasing physical gold such as gold bars through bullion dealers or exchanges, they can now invest in gold prices through various financial products, including the spot gold market, gold savings accounts, and gold-related exchange-traded funds (ETFs).

With the expansion of gold-related listed products beyond ETFs, the international gold market is increasingly tied not only to central banks and large institutional investors but also to retail investors' fund flows. Accordingly, during periods of rapid gold price movements, examining ETF inflows and outflows alongside physical gold demand can help gauge market investment sentiment.

The World Gold Council also explains that gold-based ETFs are used by both institutional and retail investors, and that related fund flows can serve as an indicator of investors' short- and long-term views on gold.

[Key Points to Watch for Future Gold Prices]

Going forward, gold prices are at a juncture that is difficult to explain solely by geopolitical risks emanating from the Middle East and international oil prices. Oil prices could shake inflation outlooks, which in turn could affect the Fed's rate path and U.S. Treasury yields. Combined with the dollar's value and movements in investor funds, including gold ETFs, this could amplify gold price volatility.

In particular, as the United States details additional measures against Iran, whether international oil prices rise further and which direction the dollar and U.S. Treasury yields take are expected to be the key points determining the gold market's next moves.